Asian Markets Mostly Higher On Global Cues

Asian stock markets are mostly higher in thin holiday trading on Tuesday, following the broadly positive cues from global markets overnight, boosted by strong gains in technology stocks, which mirrored their peers on the tech-heavy Nasdaq. Traders are also optimistic the US Fed will slow the pace of interest rate hikes after data showed a drop in US consumer prices. Asian markets closed mostly higher on Monday.

Traders now look ahead to next week's US Fed's monetary policy meeting, where the Fed is widely expected to further slow the pace of rate hikes to 25 basis points. Fed Governor Christopher Waller said on Friday that he supported a quarter percentage point rate hike at the February meeting as inflation and wages continued to moderate.

The Australian stock market slightly higher on Tuesday, extending the gains in the previous four sessions, with the benchmark S&P/ASX 200 moving to a tad below the 7,500 level at nine-month highs, following the broadly positive cues from global markets overnight, with gains in technology and mining stocks partially offset by weakness in financial stocks.